The Governor of the Bank of Albania, Mr. Ardian Fullani, meets the Executive Director of the World Bank for Albania, Mr. Biagio Bossone

Publication date: 17.11.2004


Mr. Ardian Fullani, Governor of the Bank of Albania held a meeting with the Executive Director of the World Bank for Albania, Mr. Biagio Bossone, who is paying a visit to Albania and is having a range of meetings with the public authorities.

The Governor at the beginning thanked Mr. Bossone on the on - going assistance of the World Bank to the financial sector in Albania and particularly to the banking system and to the Bank of Albania.

Mr. Fullani stated: "The Bank of Albania estimates as highly important the entire process of the financial and technical assistance of the World Bank over the last decade. The Support of the institution you represent is of a major significance for the progress of the Bank of Albania to approach it to the best central banking standards".

The Governor pointed out the most concrete fields of the World Bank assistance for the Bank of Albania, as the financial aid in implementing the two modern payments systems, RTGS and AECH, FSAP program on modernizing banking supervision as a very important instrument for the banking system consolidation, development and modernization of statistics of the Bank of Albania, management of human resources, etc.

Mr. Fullani, in his discussing, made a presentation on the recent highlights of the Albanian economy and banking system. After the privatization of the Savings Bank from Raiffeisen, the baking system acquired a new configuration while banks are presented with a new vision and a philosophy of competitiveness through cooperation. Rise of competitiveness has impacted on the increased banking services quality for the business and consumers, the extension of branches and the geographic covering with banking services, the modernization of payment system and the supplying of more coherent services to their clients.

The Governor went on "Lending activity covered a particular place, acquiring a significant role particularly in the priority sectors of the economy, as agriculture and infrastructure. Economy lending expansion is due to easing monetary policy followed by the Bank of Albania". The Bank of Albania will be more attentive in perceiving the performances in the banking market to encourage inter-bank market so as to establish more effective channels to fully implement the monetary policy instruments in the function of accelerating the paces of the country's economic progress.

Mr. Fullani emphasized that along with the development of the banking system, importance should be shown to financial system progress, starting with the insurance associations, where the supervision of this system will be enhanced.

Mr. Bossone stressed once more the support of the World Bank institution and the certainty that the projects of cooperation between the Bank of Albania and the World Bank will continue to be successful even in the future, having the consolidation and stability of the Albanian banking system as the final target. Mr. Bossone participated in the inauguration of the Project of Automatic Electronic Clearing House, which is being implemented by the Bank of Albania with the financial assistance of the World Bank.